2009-06-12-2009-02-01-2009-02-01

To purchase additional 15% interest in Long Lake project.

Nexen Inc., Calgary, (NYSE, Toronto: NXY) plans to acquire an additional 15% interest in the Long Lake project and the joint-venture lands from Opti Canada Ltd., Calgary, (Toronto: OPC) for C$735 million. The Long Lake project is a joint venture with Nexen in Alberta. The first phase of the project consists of 72,000 barrels per day of steam-assisted, gravity-drainage oil production integrated with an upgrading facility. The project is expected to produce 58,500 barrels of oil equivalent per day. Opti decided to divest the 15% interest following the conclusion of the company's review of 2009 financing options. Pro forma, Opti will have 35% interest in the joint venture and Nexen will hold 65%. The 15% interest will give Nexen additional production of 5,000 barrels of oil equivalent per day. Nexen's total 2009 production guidance is expected to rise to between 255,000 and 270,000 gross barrels equivalent per day (225,000 to 240,000 net). Nexen president and chief executive Charlie Fischer says, "We are excited by this opportunity to increase our ownership interest in this world-class resource. These are assets we know and understand and this is an excellent strategic fit that strengthens our position as one of the premier players in the oil sands." Nexen executive vice president and chief financial officer Marvin Romanow says, "This acquisition has attractive metrics and increases our total proved reserves by approximately 8%. We expect these assets will generate considerable shareholder value for many years to come." Opti president and chief executive Sid Dykstra says, "Opti is pleased to announce this transaction with our current partner and, importantly, to retain a significant working interest in Phase 1 as well as in all future phases of development. These funds, combined with reduced capital expenditures, position the company to withstand lower commodity prices and the significant uncertainty in current financial markets while preserving the opportunity for shareholders to benefit from future development of Opti's significant resource base." TD Securities Inc. is lead financial advisor to Opti, and Credit Suisse is also financial advisor. Peters & Co. Limited provided an independent report to the Opti board on various financial and strategic considerations. The deal is expected to close in late January.